why now for j.p. morgan?eresting moment, i think the main thing is they don't have a retail presence outside the u.s., so i expect the executives are looking for that business, which is something like 50% of their revenue in the u.s.. we have a big investment bank in the u.k., one we see what we can do on the retail side? but there are a lot of questions in a notoriously competitive market. manus: we have just been debating goldman sachs, their retail proposition, markets, which i must say is an enviable deposit rate, does it go head-to-head in terms of grabbing market shares, because at think -- i think out one point they had to stall what they were taking in. >> that is right, in the u.k., they stop taking deposits because they came up against regulatory limit. that has been a successful goldman and a low-cost way to finance operations. jp morgan taking a different tack, they are starting out with their current account, but exactly, they are looking for consumers to leave money with them and trying to encou

j.p. morgans and morgan stanleys of the world they're all doing well and i think part of that is, hey, we're looking forward through covid, through delta and part of that earnings acceleration and it's trading at 12, 13 times earnings >> before we move away from the banks and energy, i want to give the viewers two potential monster breakouts. one for each of those sectors because this is what the people i talk to are looking at they're not reading chinese 10 qs the first one is j.p. morgan which i'm long, and this is a stock that printed a high of 166 in june, basically fell asleep for the rest of the summer it is now back to challenging those levels this is a name that it very rarely breaks out, but when it does the moves are large because people feel left out of a very obvious trade. i can see a scenario where the taper starts say in november and you get a steepening in the bond market and they go wild for the stock and take it to 180 i can totally picture that happening and we've seen things like that before the other ones is apache i don't own any energy stocks right now and this is a na

j.p. morgan chase.t is being shut out of underwriting municipal bond yields in texas after the state enacted a law banning governments to work with banks that limit business with the firearms industry. i pulled up the terminal, texas has issued $38 billion in deals. the total market is about 11% of the total new market this-year-old on that j.p. morgan would be shut out of. romaine: most read story on the bloomberg terminal. one of the other stories are the big risk ahead. our big take today turning back to our focus now to listen in on what kathy would had to say. arc investment management's founder warning of impending deflation. >> jeff, howard and -- and ray dalio, all of them have been very concerned about a deflationary bust. we agree with them in this respect, we think it is going to be balanced by a deflationary boom. but where we agree is that there are companies who thought the world would never change and have been catering to short-term shareholders who wanted that extra penny or two, so got

switching the board, over at j.p. morgane boosted their overweight stands on japan, let's focus on that call from j.p. morgan on japan. it underscores the conviction in reopening, reflation trade will be short-lived. plus, with a stable majority, it will set the stage, j.p. morgan bullish on the yen. shery: apple saying it has passed a security flaw in his messages apple across major devices, which allowed hackers to take over user phones. they will use software updates to patch the bug, disclosed by a cyber research unit at the university of toronto. sources tell us credit suisse has been dropped from the list of lead banks on an international ipo. the bank was set for a top role in the london debut alongside citigroup j.p. morgan. the lender has been stepping up its risk oversight after being hit by scandals. -- has tapped ubs for a hong kong sting as early as next year. the company could raise at least $500 million in an ipo. several chinese tea houses are eyeing ipo's after one raised 1.4 you dollars in a share sale in j

what we sow it's j.p. morgan, they're so fixated that they jumped somebody surprisingly is to win the improvement they do this pitch called a big pop where they pitch and said this is why you should choose us for this is how were going to pitch your visit to wall street investors. and it goldman sach's came in with a presentation to show slides and they are comparing we work with tings like mother theresa, and they were talking about it. >> only point out someone received $500,000 to work at we work event. [laughter] okay. [inaudible] he came to their summer camp and performed. this was after that. what we saw time and time again in the lead up to the ipo what they show to the world is mocked immediately. they often were competing against each other. especially goldman sach's and j.p. morgan to keep this holy role leading the ipo and it often came at the expense of giving good advice to them and saying investors are going to not want this company to go public with you getting more shares and more voting control.

he does the right thing and he gets downgraded by j.p. morgan what does j.p. rgan want listen, hey, we want it to be green wash we want green wash that was a pro green wash downgrade. we don't want serious carbon reduction, we want faux carbon reduction. like moses malone, faux, faux, faux you thought it was one of the most embarrassing downgrades on wall street. he spent a lot of money cleaning the air. that's not the game. are you kidding me do you know larry fink is sitting there trying to figure out whether you should buy or sell chevron how many divisions does j.p. morgan have -- >> not as many as larry fink -- >> i did notice ubs launched the first u.s.-listed 2x leveraged etf. >> it's about time it's a five-team parlay. >> that's a lot of -- >> five-team parlay. and you can augument the line. what's the point really i launched a new 00, if you get 00, there's more -- what do people come up with these things for? >> to make money. >> that's what it is >> that's the way it works >> we don't have no president xi telling us you can't make money. >> president

we do have -- we do recommend four of the five large banks led by bank of america and start with j.p. morgan and the regional banks like us bancorp and pmc, and we have a whole neutral rating on morgan stanley. we think the structural change has gone a long way, and it's a top pick for a number of years, and you can't -- dance with everybody, so we're on the sidelines with them. >> you're dancing with everybody else i mean, come on. i feel like you're going out of your way to avoid saying anything negative about morgan stanley. you're dancing with everybody else and you left morgan stanley on the bench what's up with that? >> the jury is out on some of their acquisitions you don't decide on the success of an acquisition and you, the first few months it takes a couple of years it really see how they're going to integrate e trade. james gorman, the ceo of morgan stanley was lucky with the timing of the e-trade acquisition and you have heavy lifting to see the followthrough through a full cycle when you're generating organic revenue growth, goldman sachs is more prudent to do that and tech is d

sophie: hong kong stocks downgraded across the board at j.p. morganincrease monitoring of industry operations. jp morgan sees a bigger problem ahead if there is little clarity in policy six months down the track. china authorities like this week that the country had too many ev startups. we are watching ev battery equipment maker's raise new contract estimates as kind -- as customers like ceto are ordering. it will take six months for new orders to translate into revenue for ev battery makers. haidi: sophie kamaruddin in hong kong. we are also counting down to the open in singapore it a few minutes. the government there is planning new measures to boost local stock market. units at the state investment giant to musick will have a fun size of at least $75 million to invest in singapore and regional caps. let's get more from investing reporter david bradley. what is the impetus on what do we know? david: the main impetus would have to be that the singapore exchange, in contrast to hong kong, lacks a lot of liquidity and attractiveness when it comes to c

j.p. morgan's becky erdiscuss.oming up the dean of stanford university of medicine is coming up, dr. lloyd minor. is coming up, dr. lloyd minor. >> we got this. we got this. we got this. yay! we got this. we got this! life is for living. we got this! let's partner for all of it. edward jones your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire there's software. matchiand then there's iption. industrial grade software, forged from decades of industrial experience and insights. meet honeywell forge. analytical software that connects assets and people to deliver a cybersecure record of your entire operation. so that everyone, in your boardroom and beyond, speaks the same language. honeywell forge. industrial grade software. >>>. >>> welcome back to "squawk box. new york teachers have a dead line of tomorrow afternoon to get vaccinated against the co

j.p. morgan asset management chief lovell strategist david kelly. up in about 20 minutes, lisa shalett of morgan stanley wealth management cio. her words earlier in this week in a note of correction catalyzed by higher-than-expected inflation has arisen. a less constructive view from lisa shalett of morgan stanley. tom: jon and i are working on this every day. we get mcdonald's on 3rd avenue three times a week to frame out the differing views from that is dynamic. from the j.p. morgan optimism versus what we hear from morgan stanley. jonathan: that nutrition is really helpful. it helps us think. tom: it goes later so the cheeseburgers taken. jonathan: what you think of 2022 out like a lion -- in like a lion and out like a lamb? lisa: is that price did? we see a bit of a roll -- is that priced in? we see a bit of a rolloff. that is the ultimate question. this does increasingly become consensus. jonathan: yesterday was a really defensive rally. staples bomb utilities, health care. lisa: there were fundamental reasons. micron reporting disappointing ea

i mentioned j.p. morgan cutting a number of these players.he proposed increase in government oversight shouldn't have any material impact on daily can see your -- casino operations. this could increase the casino's operating expenses after their license renewal. manus: thank you very much. let's get to london. she's back. dani burger joins us to talk through the latest calls on team transitory. i bet you were looking at yield curves. tom and i are dreaming about a holiday. good evening. dani: i know. i feel like that's almost rude of me to be talking about the yield curve on twitter while i was on holiday. we did see the yield curve move to the flattest in over a year after we had the second month in a row of slow price rises in the u.s.. as you say, this could bring out team transitory. this confirms the fed views that they can wait to start the taper debate, pushing it further to december. we could see that rally in bonds. on the other hand, if that yield curve is confirming a view that it's an economy under pressure, a prolonged pandemic.

christyan malek, j.p. morgan securities, joins us now. of money from this is going to go towards buybacks. is this a good news for she ll? christyan: it is almost a contrast of pert hires citing -- of prioritizing cash and cash returns. they are able to fund more returns because it got when he percent of the cash flow in cash return. this additional $7 billion they are going to use will sort through the sale on top of that buyback. it tells you that the company priorities are really now firmly in winning back the shareholders after having cut the dividend. guy: in terms of who got the better end of the stick here, what is your perspective? christyan: this is probably one of those deals where everybody wins. they are looking for where they can add value in deepwater, and the shell permian position, for them to invest more it would have to be in. the interesting takeaway is that both of them remain disciplined on capex. in shell's case, they are actually in deepwater where they will shift those assets. alix: so what is next on their choppin

j.p. morgan's his bas preparing for the worst and it would be cataclysmic if the debt ceiling were not raisedura: thank you. to japan now, where the governing liberal democratic party has chosen a new leader, fumio kishida. he will become prime minister within days after a tight election. resigned after less than a year in office. his handling of the pandemic was unpopular. >> he will soon be the 100th afe ruling party's election. fumio kishida, just like many other lawmakers in japan, comes from a family of politicians. the former prime minister is known as a moderate liberal and is expected to steer the ruling party slightly to the left. he is known to stand for stability. he h long been seen within the party as a consensus builder and future leader who had the backing of his elders. >> today il >> mr. kishida is well known for his advocacy for nuclear disaenrmt. he took then president barack obama to see hiroshima in 2017. he needs to gain the support of the public who d not know him too well. his victory was greeted with mixed feelings. >> from the candidates policies, i feel like he is a

j.p. morganpmi. and the fact that you have central banks and cp's to provide the support. the recovery in the economy is turned to slow. that is what we have been hearing, calling for a focus around the risks of inflation. just about last few minutes, gains about more than a 10th of a percent. the ftse 100 is flat. basic materials are a bit about drag for u.k. stocks. dax is gaining. the cac is up. focus on producer prices is up later today in terms of margins in the inflation conversation. switching to the sectors. the fact that materials are running in pressure, auto parts as well are having some modest gains. the bottom of the list, real estate, technology, basic resources under pressure. let's get the first word news with simone foxman. simone: new york and new jersey declared state of emergency due to record-breaking rains. the remnants of hurricane ida pummeled the region, manhattan central park got three inches of rain in e-cig lower. an airport in -- in central. the u.s. supreme court ref

of course bank of america waiting in, morgan stanley, city, goldman all bearish, what is j.p. morgan thing, here on a fox business exclusive and first to react is chief global strategist jp morgan asset management david kelly. i'm thrilled you're here i want that reaction which takes the temperature for those of you who do not know pretty much all the economic regions it was peppered with dozens of references of the covid variant what do they know that we have not that i hope that you do. >> i think it's a combination of information that's available that may not be reported widely but is available, few things going on there is a huge reduction in auto sales. gdp numbers are very sensitive to auto sales and there is no inventory there are not enough chips to make new cars and because inventory is extraordinary low and people no, that affixed gdp. that is being the consumption estimate installing out of travel in some parts of the country stalling out of reopening because of the delta variant. temporarily the economy is growing more slowly in the third quarter because of the delta vari

maybe a little good news joyce chang of j.p. morgan, a pleasure to have you on. thank you.ake care. >> thank you, brian for having me. >> you're welcome. welcome back any time. >>> when we come back, the universal music saga ending on a high note as its shares soar. >>> a rough ride for act vision, as regulators step up regulation >>> and one group of stocks actually took off, and it might be a pretty good sign in many ways a little optimism. it's your rbi ahead. dow futures up 300 we're back right after this. (vo) this is a place for ambition. a forge of progress. a unicorn in training. a corner to build a legacy. a vision for tomorrow. a fresh start. a blank canvas. a second act. a renewed company culture. a temple for ideas. and a place to make your mark. loopnet. the most popular place to find a space. >>> it is time now for your big money movers the three key stock stories of the day. let's go stock number one, activision blizzard the wall street journal reporting the s.e.c. is reportedly launching a wide ranging investigation into the company, including how the compan

. >> chris i believe is a j.p. morgan analyst.me smaller lesser-known companies such where investors who don't mind risk excited, they could be ten beggars if they hit it out of the park, where some of these companies? >> that's certainly the hope, a weight loss drug and another is athletic which is targeting eye diseases and we have bio chris pharmaceuticals, a rare but disorders. >> it's important to understand that if you don't want to take the single stock risks, we have mutual funds you can buy an index fund that owns a lot of biopharmaceutical companies or an active fund manager. next, roundtable embers will get their own ideas for the coming week jack will tell us smart tvs are finally living up to their name. stay right there. ♪♪♪ 's 's jack, the improvement in picture quality in recent years has been incredible. need to go to again when you're on your 75-inch? interface super come to, i can't they be like my phone and easy to use? what's going on there? >> they are, you have to take a fresh, the goal is dead. let me tell

if you are a company like j.p. morganhase, or accenture that is having apprenticeships move into the hundreds. for them, they do business in all 50 states. those companies -- those competencies that they help create through all of the branches throughout the country. that is the powerful tool. it's something senator portman said that resonates with me. this is a complex model. as an intermediary, managing all of the various moving elements, including the registration program, which we support so they can register. if the resources are the same, the outcomes will be the same. so i think the next few weeks here you have an incredibly hard job. i will tell you that an investment in workforce to move this forward, i believe will move the country forward. registration, is it a key component question mark at the same time, without the resources for intermediaries, for chambers, four associations that will bring businesses in and basically handhold until they learn the system. we won't be making any difference. in 10 years from

>> j.p. morgan and there are others, as well. john najarian, you must think that the selling is over in the market that's commodity-related stocks, related to china and whatever else because over the last two days you bought rio tinto. you bought freeport mcmorran, you bought bhp and vale. those are all down substantially over the last month. bhp is down 20% in the month vale is down 23% in a month. rio tinto is down 27% since the beginning of august. tell us about the moves that you've made and what the statement is that you're making. >> well, i think a lot of these, scott, really started getting hit when people were betting on how big the stimulus package would be and they were sort of haircutting it against afghanistan and what was going on as far as political capital so i think some of these were just overdone, and i do think that there will be demand for exactly what freeport and vale and in particular bhp and rio tinto, as well notice these weren't just gold mining plays or anything like this these were metals and minors t

we've seen individual names whether it's goldman sachs or j.p. morgan and bank of america each and every day bank of america even today, we've seen a lot of buying in the options world in all of those. i think that's still going to play out i think it's still going to work and we're seeing a reaction today because of everything else that is getting sold off along with tech and sometimes people reach because they're panicked on tech. they don't want to necessarily sell their apples and they will take profit maybe in the financials and that's the craziness. >> you haven't mentioned you sold wells fargo >> i did what's the story with that >> okay. i'll tell you exactly the story. i've sold wells fargo and i took a look back and i bought it in february 21st of 2020. it's had a great move and this year it's had another great move and all of a sudden i've started to look and are they going to be able to grow, scott and there's a piece out todayto downgrade or just talking about it >> it was downgraded at morgan stanley. >> yep price target goes to 46. so zero

. >> chris i believe is a j.p. morgan analyst. where investors who don't mind risk excited, they could be ten beggars if they hit it out of the park, where some of these companies? >> that's certainly the hope, a weight loss drug and another is athletic which is targeting eye diseases and we have bio chris pharmaceuticals, a rare but disorders. >> it's important to understand that if you don't want to take the single stock risks, we have mutual funds you can buy an index fund that owns a lot of biopharmaceutical companies or an active fund manager. next, roundtable embers will get their own ideas for the coming week jack will tell us smart tvs are finally living up to their name (struggling vehicle sounds) think premium can't be capable? think again. ♪ (energetic music) ♪ ♪ ♪ ♪ ♪ introducing the first ever at4 lineup. premium and capable. that's professional grade from gmc. age-related macular degeneration may lead to severe vision loss, so the national eye institute did 20 years of clinical studies on a formula found in preservis

. >> chris i believe is a j.p. morgan analyst.companies such where investors who don't mind risk excited, they could be ten beggars if they hit it out of the park, where some of these companies? >> that's certainly the hope, a weight loss drug and another is athletic which is targeting eye diseases and we have bio chris pharmaceuticals, a rare but disorders. >> it's important to understand that if you don't want to take the single stock risks, we have mutual funds you can buy an index fund that owns a lot of biopharmaceutical companies or an active fund manager. next, roundtable embers will get their own ideas for the coming week jack will tell us smart tvs are finally living up to their name. (vo) at t-mobile for business, unconventional thinking means we see things differently, so you can focus on what matters most. whether it's ensuring food arrives as fresh as when it departs. being first on the scene, when every second counts. or teaching biology without a lab. we are the leader in 5g. #1 in customer satisfaction. and a partn

more than three years old ready for upgrade carrier subsidies have been getting more aggressive, j.p. morganpple set a record this year on iphone volume and another record next year. jack: thank you for that, the big story thursday and friday president biden announcing that employers with more than 100 workers would have to require vaccines or weekly testing that is with more than 1000 people a day dying of covid, if we get more vaccinations, were probably going to boost the economy that would be a positive but barron's noted a more interesting thing, the little nugget that the media was really picking up on. >> part of this is the testing aspect certainly were going to see an uptick in vaccines as the mandate goes through but there will be people that will not get vaccinated they'll do the weekly tested not just those people but as the economy reopens, myself included ipad covid test because of large groups occasionally. you want to look at the test makers the biden administration said it would use the defense production act to boost manufacturing you want to take a look at becton dickinson

. >> chris i believe is a j.p. morgan analyst.companies such where investors who don't mind risk excited, they could be ten beggars if they hit it out of the park, where some of these companies? >> that's certainly the hope, a weight loss drug and another is athletic which is targeting eye diseases and we have bio chris pharmaceuticals, a rare but disorders. >> it's important to understand that if you don't want to take the single stock risks, we have mutual funds you can buy an index fund that owns a lot of biopharmaceutical companies or an active fund manager. next, roundtable embers will get their own ideas for the coming week jack will tell us smart tvs are finally living up to their are finally living up to their name. ok, let's talk about those changes to your financial plan. bill, mary? hey... it's our former broker carl. carl, say hi to nina, our schwab financial consultant. hm... i know how difficult these calls can be. not with schwab. nina made it easier to set up our financial plan. we can check in on it anytime. it ch

if you're a bank investor you should be worried if your bank is not worried luckily we hear from j.p. morganvisa and these financial players that they're looking at acquiring firm so they can compete better in the space and very important to keep in mind the bigger crypto gets the more it'll be regulated you know how trillions of dollars moving around without regulators wanting to control a little bit of evidence. jack: ahead of the sec i think you can expect some regulation coming down the line, thank you for that. a new survey found most american cfos say the labor shortage poses the biggest to the economy chamber of commerce suzanne clark tells us how to fix the problem. that is next. ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ i order my groceries online now. shingles doesn't care. i keep my social distance. shingles doesn't care. i stay within my family bubble. shingles doesn't care. because if you've had chicken pox, you're already carrying the virus that causes shingles. in fact, about 1 in 3 people will develop shingles, and the risk only increases as you age. so what can protect you against shingles? shingrix

if you're a bank investor you should be worried if your bank is not worried luckily we hear from j.p. morganvisa and these financial players that they're looking at acquiring firm so they can compete better in the space and very important to keep in mind the bigger crypto gets the more it'll be regulated you know how trillions of dollars moving around without regulators wanting to control a little bit of evidence. jack: ahead of the sec i think you can expect some regulation coming down the line, thank you for that. a new survey found most american cfos say the labor shortage poses the biggest to the economy chamber of commerce suzanne clark tells us how to fix the problem. that is next. ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ incomparable design makes it beautiful. state of the art technology makes it brilliant. the lexus nx. experience the crossover in its most visionary form. experience amazing at your lexus dealer. it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. get ready for it all with an advanced ne

more than three years old ready for upgrade carrier subsidies have been getting more aggressive, j.p. morganpple set a record this year on iphone volume and another record next year. jack: thank you for that, the big story thursday and friday president biden announcing that employers with more than 100 workers would have to require vaccines or weekly testing that is with more than 1000 people a day dying of covid, if we get more vaccinations, were probably going to boost the economy that would be a positive but barron's noted a more interesting thing, the little nugget that the media was really picking up on. >> part of this is the testing aspect certainly were going to see an uptick in vaccines as the mandate goes through but there will be people that will not get vaccinated they'll do the weekly tested not just those people but as the economy reopens, myself included ipad covid test because of large groups occasionally. you want to look at the test makers the biden administration said it would use the defense production act to boost manufacturing you want to take a look at becton dickinson

next, j.p. morgan and the market outlook amid said taper talk and the ever grand crisis.s is bloomberg. ♪ in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. and there you have it— -woah. wireless on the most reliable network nationwide. wow! -big deal! ...we get unlimited for just $30 bucks. sweet, but mine has 5g included. relax people, my wireless is crushing it. that's because you all have xfinity mobile with your internet. it's wireless so good, it keeps one upping itself. switch to xfinity mobile and save hundreds on your wireless bill. plus, save up to $400 when you purchase a new samsung phone or upgrade your existing phone. learn more at your local xfinity store to

ityou split that in this real cachet, what we saw whether j.p. morgan or goldman, they were so fixated on winning the business of wework in getting this to the spot adam newman made them jump through hoops in every imaginable way so surprisingly to win back his goodness. one of the things that we saw and we written about this in the journal to get more in the book, they do the pitch and they said this is why you should target your business to wall street investors. goldman sachs cayman with a presentation and he showed slides interesting in their comparing wework in bob marley and mother teresa and maranda. just talking about it. >> the father performing at wework. i just want to make that point. >> and hamilton. >> getting into their summer camp to perform. we saw time and time again to the ipo the f1 that they showed to the world was mocked immediately. they often were competing against each other goldman sachs and jp morgan to get or keep this role leading ipo and often came at the expense of getting good advice to them and things, investors are goin

investors are watching the drama in dc, though, and j.p. morgan chase jamie dimon is preparing for default on debt and calling u.s. debt default potentially catastrophic as secretary janet yellen told lawmakers that the u.s. could hit debt limit as early as october 18th, peter. i know that you're not betting on a default but are there areas that you want to be hiding in this market? should we see continued volatility? >> oh, absolutely, maria. first off, i do think it's important for everybody to chime in and give their opinions. you know, we can't get about the deadline approaching, so it is important for people like mr. dimon to make the comments. i'm not trying to trivialize the issue. we have been through this many times, over ten times and it always does get resolved. that's one point. the second point is, yes, i think there are many companies that are not as sensitive to interest rate hikes mainly service companies where you don't have high cost of goods, you know, you talked to small companies around this country, most small companies are r

j.p. morganat about 200,000 barrels will be moved from gas to call because of this price rally. guy: it's a really big story. we've got to talk about it in the next hour and a little more detail, but today is a significant day. the very controversial gas pipeline from russia into europe has been completed. it is not operational yet. nevertheless, we are looking at a huge green space. you've got competition between european gas buyers and asian gas buyers. it is something the russians are keeping. it is not just the gas market. at the white line is natural gas. you can see that pushing higher, that it is also affecting the price of carbon, electricity. we are going to be want -- we are what you want to think about this toward christmas. alix: we also have breaking news. president biden in a bid to pressure beijing. they are looking into a new investigation into the chinese subsidies and the damage to the u.s. economy. that comes right after that 90 minute phone call between biden and xi. alix: we

manus, we have been talking about that line from j.p. morgan. technology and focus on the reflation trade. a different narrative than we have from morgan stanley last week. manus: absolutely, this is all around their view on peak delta. we just spoke to martin malone, he is super bullish to be fair, but he doesn't see any disagreement with that. it is about bond yields have probably bottomed and cyclicals are likely to bottom out this year. it's about the value trade and exit tech. i think there is momentum behind that story, that the question is it really peak delta when you see that data out of china? tom: that is the question, and the other question is whether other variants are starting to rear their head, and whether we can cope with that. manus: let's check in on the markets. five days of misery in the u.s. has been brought to a halt. nasdaq up 1/8 of 1%. is that part of the call? it hasn't really transferred yet. time to cut your tech and trade the reopening. it is not present in the call yet. asia up one third of 1%. china grappling with

while you look at that, the executive director at macro sales at j.p. morgan australia.n terms of what the market is pricing in, does that make sense? guest: absolutely. our forecast is looking for a rate hike at meetings from here. it has been interesting to watch the market movement today. he laid out when risks are balanced, it does make more sense to sit unchanged or only move in smaller increments. i would say that we always know they have a tendency to surprise. even if the market is taking the hike out, the fully priced 25 basis point is still there. certainly, i would say that woman get to the october meeting, i think the 15 will be on the table. -- the 50 will be on the table. and may not be that the risks are balanced. moving to level three, and i think new zealand has managed to somehow keep a lid on the delta outbreak. for the markets it will be quite interesting as we approach the meeting. for now, the market is less hawkish. yvonne: how are you viewing the contagion from evergrande? it seems like haven currencies are catching a bit. aussie yen reaches the s

but the question comes up again as you have folks like j.p. morgan warning of year and funding stresses, the worry about the underlying market makes you want your people close by and on call. romaine: do you plan to go out and stand outside these banks once again and corral these people? sonali: next week, there are two conferences -- there's salt and that digital asset conference wringing in people from all over the world. so while this week is very muted, next week, there will be people running around. romaine: i hope it doesn't rain on them. coming up on this program, we will talk about the european union trying to phase out internal combustion engines by 2035. lamborghini looks to the fed up its hybrid lineup. we will hear from its ceo. as we had to break, supply chain disruptions in the global chip shortage or front and center at the motor show in munich. what will the impact look like? we spoke to an executive at the first major in personal car show since the start of the pandemic. you don't want to miss it. >> we hope q3 this year, which has b

let's be clear, our colleagues at j.p. morgannted out that the property sector is a huge generator of tax revenue for beijing and provincial governments. so letting this slide, they would be shooting themselves in the foot in many cases. kailey: about 41% of assets is in the property sector. let's talk about beyond china. where is the most direct effect in emerging markets? damian: i'm getting blue in the face. we can look at this as a proxy for risk, it blew out in china, the philippines and malaysia are most correlated to china from an economic perspective. you saw their prices blue out also in brazil and south africa. what's interesting is as you point out, the bank of china spread still remains close to the wide spirit they have not come back. -- wide. they have not come back. tom: what is the linkage between you on bonds and -- yuan bonds and -- damian: we laugh because vietnam is not an investable account to me point. but asia is. and there is contagion to that region. and with the commodity groups, that's where -- tom: are

j.p. morganh bank of america both up more than 2% as yields are boosting those banks on the idea lending will be better. and then of course energy, oil now back above $75 a barrel, up for a fifth week in a row, demand is seeing a little bit of a supply crunch. occidental petroleum flying up. that sector is the top sector on the year, up 35%. it is not up as much is oil. the top one of the year could be a catch up trade. guy: we will see what happens next year. markets looking through what could be a difficult winter. we will park that for the moment. new york fed president john williams, the fed governor will be speaking later today, the satellite launching. tomorrow, we moved back to the central bank story. alix: the ecb form on central banking, but treasury secretary janet yellen and jay powell will be testifying on thursday. that's the main event of the week. plus you get evans and bullard speaking tomorrow. talking about what kind of christmas we will have. if you were buying christmas stuff